@UncleB wrote:
Not every method is for everybody... what's important is finding and using the method that's effective for you.
It sounds like our OP is off to a good start here.
I think that sometimes we forget that each situation is different and that paying down debt isn't a one-size-fits-all situation. I agree that @cet2062 has made the right choice to get started. The stars have aligned so that she's able to tackle high interest while simultaneously snowballing three cards.
If there were several three-digit balances on the list, I'd possibly suggest snowballing those cards, but not necessarily because of the psychological sense of accomplishment. It'd be because they'd qualify as nuisances and bookkeeping would become simpler. There aren't any cards like that on the OP's list, however, other than two high-interest cards that she plans to tackle first.
In this case, given that we don't have APRs for each card, I think tackling high interest first is the way to go. This is a huge amount of debt, and there's no pressing need to address scoring. With information on APRs, a more nuanced approach might make sense. For instance, if two cards have relatively equal interest rates and substantially unequal balances, it might make sense to snowball the smaller balance first.
Once debt is substantially addressed to a point where a mortgage becomes a feasible and responsible move, it may make sense to shift gears. The OP would possibly want to look at thresholds, number/percentage of cards with positive balances, etc.
Here's the good news.
@Kforce wrote:
I ran the numbers on your CC debt and average CC rates. If you continue to pay 2,750/mo you can do this in 3 years and save more than 22,000 as compared to locking in the current minimum payment numbers. If you pay highest interest down and add about 500 in payments you can be debt free in just over 2 years. If you are sufficiently motivated, you can dig your self out of this debt. "Good Luck"
There's light at the end of this tunnel. Additionally, the OP says that she and the hubby expect their income to increase. Hopefully, as time goes by, they can add the suggested $500 per month or even more. I see good reason to be optimistic as long the OP is able to stick to her budget.
